Ricardo Cardenas

Board

Since May 30, 2022

Age

56 years

Tenure

Joined DRI in 1984 as an hourly employee and progressed through roles including Vice President of Finance for Olive Garden, Senior Vice President of Finance for Red Lobster, operations leadership at LongHorn Steakhouse, CFO, COO, and ultimately became President and CEO in May 2022.

Also at DARDEN RESTAURANTS

DJK

Daniel J. Kiernan

President, Olive Garden

DJM

Douglas J. Milanes

Senior Vice President, Chief Supply Chain Officer

JWM

John W. Madonna

Senior Vice President, Corporate Controller

About

Ricardo Cardenas has built an impressive career at Darden Restaurants, beginning his journey in 1984 as an hourly employee and steadily progressing through increasingly responsible roles. His career trajectory includes significant leadership positions such as Vice President of Finance for Olive Garden, Senior Vice President roles in finance and operations at Red Lobster and LongHorn Steakhouse, and ultimately transitioning to executive leadership.

He served as Senior Vice President, Chief Strategy Officer, and as the Chief Financial Officer before being promoted to President and Chief Operating Officer, culminating in his current role as President and Chief Executive Officer, which he assumed on May 30, 2022.

At the age of 56, his longstanding dedication and diverse experience within the company have been pivotal in shaping the strategic direction of Darden Restaurants. His path through various financial and operational roles underscores a deep commitment to the growth and success of the organization.

$DRI Performance Under Ricardo Cardenas

Past Roles

Organization	Role	Date Range
Darden Restaurants, Inc. (DRI)	President and Chief Operating Officer	January 2021 - May 2022
Darden Restaurants, Inc. (DRI)	Senior Vice President, Chief Financial Officer	March 2016 - January 2021
Darden Restaurants, Inc. (DRI)	Senior Vice President, Chief Strategy Officer	September 2015 - March 2016
Darden Restaurants, Inc. (DRI)	Senior Vice President, Finance, Strategy and Technology	2014 - 2015
Darden Restaurants, Inc. (DRI)	Executive Vice President of Operations for LongHorn Steakhouse	2013 - 2014
Darden Restaurants, Inc. (DRI)	Senior Vice President of Operations for LongHorn Steakhouse’s Philadelphia Division	2012 - 2013
Darden Restaurants, Inc. (DRI)	Senior Vice President of Finance for Red Lobster	2010 - 2012
Darden Restaurants, Inc. (DRI)	Vice President of Finance for Olive Garden	Not Specified

External Roles

Organization	Role	Date Range	Details
Tractor Supply Company	Board Member	2019 - Present	Operator of retail farm and ranch stores

Fixed Compensation

Data from FY 2024

Component Name	Amount ($)	Payment Schedule	Additional Details
Base Salary	1,082,692	Fiscal 2024	Actual base salary earned during fiscal 2024.
Company Contributions to Defined Contribution Plans	263,242	Fiscal 2024	Contributions under the FlexComp Plan.
Insurance Premiums	10,128	Fiscal 2024	Costs for providing life and long-term disability insurance.
Perks and Other Personal Benefits	20,235	Fiscal 2024	Aggregate incremental costs for company car allowance, executive physical, financial counseling, etc..

Performance Compensation

Data from FY 2024

Annual Incentive

Metric/Detail	Value
Base Salary (for incentive calculation)	1,100,000
Target Bonus Opportunity	150% of base salary
Actual Payout	1,753,962
Performance Metrics (Weight/Components)	70% Adjusted Diluted Net EPS, 30% Same-Restaurant Sales Growth
EPS Threshold/Target/Max	$8.00 / $8.64 / $9.28
Same-Restaurant Sales Threshold/Target/Max	0.0% / 3.0% / 6.0%
Evaluation Period	Fiscal 2024; payout determined post fiscal year-end

Options

Metric/Detail	Value
Grant Date	July 26, 2023
Approval Date	June 21, 2023
Grant Date Fair Value	$1,888,651
Grant Date Stock Price (Exercise Price)	$169.02
Number of Options Granted	33,993
Vesting Schedule	50% vest on July 26, 2026; 50% vest on July 26, 2027
Expiration Date	July 26, 2033
Performance Metrics	Time-based award; no performance thresholds

Restricted Stock Units (RSUs)

Metric/Detail	Value
Grant Date	July 26, 2023
Grant Date Fair Value	$1,907,560
Grant Date Stock Price	$169.02
Number of RSUs Granted	11,286
Vesting Schedule	Fully vest on July 26, 2026
Additional Information	Time-based award requiring continued service. As of May 26, 2024, market value was $3,799,962 at a stock price of $147.60.

Performance Stock Units (PSUs)

Metric/Detail	Value
Performance Metric	Relative Total Shareholder Return (TSR) vs. S&P 500
Threshold	25th percentile (50% payout)
Target	50th percentile (100% payout)
Maximum	75th percentile or higher (200% payout)
Grant Date	July 26, 2023
Grant Date Fair Value	$4,900,390
Grant Date Stock Price	$169.02
Target PSUs	22,571
Maximum PSUs	45,142
Vesting Schedule	50% vest on July 26, 2026 and 50% vest on July 26, 2027
Evaluation Period	Three-year performance period (Fiscal 2024–2026)
Additional Details	Settled in stock with dividends paid in cash at the time of settlement.